Korean Economic Development

Korean economic development refers to South Korea's remarkable transformation from a war-torn country in the 1950s to a major global economy today. Key factors include government-led industrialization, strategic investments in education and technology, and the rise of large conglomerates known as "chaebols," like Samsung and Hyundai. Export-oriented policies helped increase trade and create jobs. South Korea also embraced democracy, which fostered a more innovative and competitive environment. Today, it is known for its advanced technology and cultural exports, exemplifying a successful model of rapid economic growth and modernization.